Back in 2007 you could've made a similar chart to show that CDOs are a small amount of the market. What's unclear is the impact that ETFs have on prices. This

Back in 2007 you could've made a similar chart to show that CDOs are a small amount of the market. What's unclear is the impact that ETFs have on prices. This "debunking" doesn't address the point about low volume. Let's suppose most of those non-ETFs owners are buy and hold investors that bought in a long time ago and wouldn't buy anywhere near today's prices. That would mean ETF holders, especially those who joined late, could still be responsible for a disproportionate share of today's prices. If the market shows signs of weakness, these people need to get out, especially if they bought on leverage.